United States President Joe Biden pledged a $500 million investment to the Amazon Fund on Thursday, a sum that would make his country one of the worldโs largest donors to the international conservation program to protect the Amazon rainforest from deforestation.
โToday, Iโm pleased to announce that I will request the funds so that we can contribute $500 million to the Amazon Fund and other climate-related activities over the next five years to support Brazilโs renewed effort to end deforestation by 2030,โ Biden said during a virtual meeting of the Major Economies Forum on Energy and Climate.
The Amazon Fund uses foreign funds for projects that fight deforestation and preserve the environment in the Amazon, and was set up in Brazil during President Luiz Inรกcio Lula da Silvaโs previous term in office. Major donors include Norway and Germany.
During the presidency of former Brazilian leader Jair Bolsonaro, the fund was left untouched while then-environmental minister Ricardo Salles dissolved committees responsible for managing the resource.
Lula has touted curbing deforestation of the Amazon as a top priority since becoming president earlier this year.
Biden also promised a $1 billion contribution to the Green Climate Fund, which is the main climate financing mechanism of the United Nations. (CNN)